Needham raised the firm’s price target on Zscaler (ZS) to $310 from $240 and keeps a Buy rating on the shares. The company reported another strong quarter, once again outperforming Billings expectations, the analyst tells investors in a research note. Zscaler’s platform expansion and go-to-market changes under Chief Revenue Officer Mike Rich are taking hold as the company looks to emulate the ServiceNow (NOW) model by driving deeper, more strategic relationships with customers while gaining greater wallet-share, the firm added.
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